In filings with the California Department of Insurance, Tokio Marine America Insurance Company and Trans Pacific Insurance Company said they would both withdraw from the homeowners and personal umbrella insurance markets in California. Both are subsidiaries of Tokio Marine Holdings Inc., a Japanese company.
Tag: homeowners insurance
Travelers President: Improvements in Florida Not Enough to Reopen Homeowners
Florida’s homeowners market may look better than it has in the past, but Travelers Cos. is still steering clear, according to Travelers Personal Insurance President Michael Klein.
Farmers CEO: Some Insurance Premiums Will Mirror the Cost of Mortgages
The owners of homes that will almost certainly suffer a total loss within the next 20 to 30 years should prepare to pay insurance premiums on par with a mortgage, according to Farmers Chief Executive Officer Raul Vargas.
Severe Storms Rumble Across Eastern U.S.
More severe storms and flash flooding will continue for parts of the U.S. on Thursday after an intense line of storms whipped through multiple states with heavy rain and tornadoes, leaving extensive damage and killing at least least one person.
Rising Insurance Premiums Contribute to the Cost of Homeownership
Property taxes and home-maintenance costs are climbing in much of the country. Non-mortgage costs including property taxes, maintenance, utilities and insurance make up more than half of homeowners’ overall costs, according to a 2022 analysis by Fannie Mae economists. Worst of all, home insurance premiums are soaring. Rates rose by more than 10% on average in 19 states in 2023 after a series of big payouts related to floods, storms, wildfires and other natural disasters across the U.S.
Insurers Using Aerial Home Images to Assess Risk
Across the U.S., insurance companies are using aerial images of homes as a tool to ditch properties seen as higher risk.
Eighth Regional Insurer Approved for Florida Market
Florida has added an eighth regional company to write homeowners coverage, a sign of confidence in the marketplace now that the state has insurance-friendly regulations in place.
California Insurance Commissioner Declares ‘Crisis’ After Major State Farm Announcement
California’s insurance commissioner Ricardo Lara spoke out after the state’s largest home insurance provider announced that it would discontinue coverage for tens of thousands of policies this summer.
State Farm Non-Renewing 72,000 Policies in California
State Farm released the following statement regarding its decision to non-renew 72,000 policies in California.
Customer Satisfaction with Homeowners Insurance Property Claims Declines to 7-Year Low
According to the J.D. Power 2024 U.S. Property Claims Satisfaction StudySM, released today, the increase of severe storms has led to a larger number of high-severity claims and notably longer time frames for all major steps of claims—estimating the damage, paying the customer and completing the work—all negatively affecting satisfaction, which declines to the lowest level in seven years.